Exciting Instruments, a University of Sheffield health tech spinout is set to revolutionise health research through its pioneering single-molecule detection platform. Their device and software:
- Automates visualisation and analysis of single molecules and their interactions to support disease detection, drug discovery and drug development
- Allows non-specialist users to carry out complex experiments using their tabletop device without significant technology and infrastructure investment
- Boosts throughput and deepens sample insights – critical drivers for health research efficiency
25 November 2024 – Northern Gritstone, the investment company focused on science and technology businesses in the North of England and chaired by Lord Jim O’Neill, has announced a combined £4 million seed round investment into Exciting Instruments with co-investors Empirical Ventures, who led on scientific due diligence, NPIF II – Praetura Equity Finance (managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II) and serial entrepreneurs Stan Boland and Jonathan Millner.
Single-molecule microscopy is one of the most powerful tools to understand disease and develop targeted therapies, however it has often been limited by complex workflows and limited accessibility, restricting its use so far to select and specialist research environments.
Exciting Instruments has developed and delivers a practical and efficient new platform for single-molecule detection, opening up adoption to an unconstrained user base spanning pharma, healthcare and other industrial applications. Its platform technology allows users to visualise and analyse individual molecules and their interactions, whilst also providing high throughput processing and automation of analytics, advancements that are critical for improved efficiency and productivity.
Early customers of Exciting Instruments’ platform are already using it to drive new discoveries in drug development, clinical diagnostics and a range of research applications in both the pharmaceutical industry and within leading research laboratories. Where incumbent approaches have failed to scale, Exciting Instruments is demonstrating a new path that will totally redefine molecular analysis and transform global health outcomes.
With the new funding, the company plans to further develop commercial partnerships, build out its team and evolve its products.
Duncan Johnson, CEO of Northern Gritstone, said:
“Northern Gritstone is delighted to support Exciting Instruments’ internationally renowned team from the University of Sheffield. Their technology will open up a broad range of health-related research and discovery and will also support job creation in Sheffield’s thriving tech cluster. I’m particularly pleased that the funding round for Exciting Instruments has been over-subscribed which is another validation of the quality of deep tech investment opportunities that exist within the Northern Triangle,”
Tim Craggs CEO and Rob Bell COO, Co-Founders of Exciting Instruments said:
“Our vision at Exciting Instruments is to bring the power of single-molecule detection to every academic and pharma lab across the globe. We’re not just building technology—we’re creating a new era where single-molecule insights become the foundation for breakthroughs that will redefine what’s possible in human health.”
Stan Boland said:
“Exciting Instruments has created compelling new products for a deep market need. Tim and Rob’s energy is incredible, and I’m thrilled to play a part in helping them turn their amazing technology into the powerhouse of a huge business that will accelerate the pace of disease detection and drug development for the benefit of us all.”
End
About Northern Gritstone
Northern Gritstone is an investment company, dedicated to supporting ambitious science and technology businesses in the North of England. Its philosophy is ‘profit with purpose’ combining strong returns for investors with wider positive, societal and economic impact, including high-skilled job creation and Levelling Up. Chaired by Lord Jim O’Neill, the company has made 28 investments in some of the UK’s most exciting future businesses.
Together with NG Innovation Services, Northern Gritstone offers ‘Capital+++’ connecting early-stage founders with funding and expertise through its close links to industry-leading partners and its founding universities of Manchester, Leeds and Sheffield.
For more information, please go to: https://northern-gritstone.com/
About Exciting Instruments
Exciting Instruments, a spin-out from the University of Sheffield, is revolutionizing single-molecule fluorescence spectroscopy for biophysics, life sciences, drug discovery, and diagnostics. Co-founded by Dr. Tim Craggs and Robert Bell, the company brings together world-class expertise in single-molecule FRET and cutting-edge software solutions. Their flagship product, EI-FLEX, is a compact, benchtop system designed for both seasoned scientists and new users, making advanced research tools more accessible. By integrating real-time data visualization and cloud connectivity, Exciting Instruments is helping researchers push the boundaries of scientific discovery.
For more information, please visit: https://excitinginstruments.com/
About Tim Craggs, Co-Founder and CEO of Exciting Instruments
Tim Craggs, CEO of Exciting Instruments, is a leader in the field of single-molecule fluorescence. With extensive multidisciplinary experience spanning chemistry, physics and biology he has held research positions at Cambridge, St Andrews, Yale, Oxford, Bristol, and Sheffield. Craggs founded Exciting Instruments to democratize advanced single-molecule detection methods for applications in biophysics, drug discovery and diagnostics.
About Robert Bell, Co-Founder and COO of Exciting Instruments
Robert Bell is a technologist and business operator with a background in startups and consulting. Prior to founding Exciting Instruments he was co-founder of an AI analytics startup and provided technology consultancy across a broad range of industries.
About Stan Boland
Stan Boland has founded, led and sold three semiconductor and AI startups, raising $330M of venture capital and building businesses bought for $1.3 billion by Broadcom, NVIDIA and Bosch. He’s a Cambridge physics graduate, a member of Cambridge Angels and an investor in several leading deep technology startups.
About the Northern Powerhouse Investment Fund II
· NPIF II – Praetura Equity Finance can provide loans in the NPIF II area with a primary focus on the North West regions of Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside.
· Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the South West’s smaller businesses at all stages of their development.
· The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
· Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
About Praetura Ventures
Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.
Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.
Since 2019, Praetura Ventures has backed 45 companies, including North of England-founded businesses Culture Shift, AccessPay and Peak. The business has now grown to over £260m AUM and recently won the Northern Powerhouse Investment Fund II mandate for the £100m fund dedicated to equity in the North West of England.
Learn more at praeturaventures.com
About Empirical Ventures
Empirical Ventures leads pre-seed and seed rounds for deep science startups creating century-defining technologies. Co-founded by Dr. Ben Miles (physics) and Dr. Johnathan Matlock (chemistry), they have extensive experience as scientists, entrepreneurs, and investors. The team are looking for exceptional science-led startups that are using the latest technological advances to solve some of the most pressing challenges facing society and our planet. Empirical fills a key need in the DeepTech landscape in the UK by leading due diligence on deep science startups, helping to de-risk early-stage investments for their investors and co-investors. Empirical Ventures operates as an appointed representative of SFC Capital Partners. For more information about Empirical Ventures and its mission, please visit empiricalventures.vc.
About the University of Sheffield
The University of Sheffield is a leading Russell Group university, with a world-class reputation, ranked within the Top 100 universities in the world (Times Higher Education World University Rankings 2025). Over 30,000 students from 150 countries study at Sheffield and in a truly global community, they learn alongside over 1,500 of the world’s leading academics.
Sheffield’s world-shaping research feeds into its excellent education. Students learn at the leading edge of discovery from researchers who are tackling today’s biggest global challenges.
Driven by outstanding people, staff and students share a commitment to changing the world for the better, through the power and application of ideas and knowledge.
From the first documented use of penicillin as a therapy in 1930, to building Europe’s largest research-led manufacturing cluster, Sheffield’s inventive spirit and top quality research environment sets it apart.
Current research partners include Boeing, Rolls-Royce, Unilever, AstraZeneca, GlaxoSmithKline, Siemens and Airbus, as well as many government agencies and charitable foundations.
Sheffield was voted University of the Year in 2024 at the Whatuni Student Choice Awards – the largest annual university awards in the UK voted for exclusively by students. The award reflects a commitment to world-class education and an outstanding student experience. Its Students’ Union, which is home to more than 350 societies and clubs, was also named Best Students’ Union for the seventh consecutive year.
Over 300,000 Sheffield alumni from 205 different countries make a significant influence across the world, with six Nobel Prize winners included amongst former staff and students.
